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Stereotaxis Reports Third Quarter Financial Results
Date:11/1/2010

8 million, compared to $22.0 million on June 30, 2010. Total debt was $26.5 million, including $17.0 million drawn against the Company’s $30 million line of credit.

Year-to-Date Financial PerformanceRevenue for the first nine months of 2010 was $39.5 million, a 7% increase from the first nine months of 2009. Gross margin grew 13% to $27.8 million, or 70.4% of revenue, compared with $24.7 million, or 66.5% of revenue in the first nine months of the prior year. Operating expenses were $43.3 million for the first nine months of 2010 compared with $42.7 million in the same period of 2009. The operating loss decreased to $(15.5) million for the first nine months of 2010 compared with $(18.0) million for the comparable period of 2009. Cash burn for the first nine months of 2010, including payments against the Biosense Webster advance, was $16.0 million compared with $20.9 million in the first nine months of 2009. Stereotaxis has historically included the repayment of the Biosense advance as part of cash burn as operationally the advance is reduced by the earning of royalties. Of the $16.0 million in year-to-date cash burn, $3.8 million is repayment of Biosense debt.

2010 Financial OutlookThe Company updated its outlook for 2010 as follows:

  • New capital order growth in the range of 45%-50%
  • Total revenue growth in the high-single digit percentage range
  • Gross margins approaching 70%
  • Operating expenses between $59 million and $61 million

  • Conference Call InformationStereotaxis will hold a conference call today, November 1, 2010 at 4:30 p.m. Eastern Time, to discuss third quarter 2010 results and operational highlights. The dial-in number for the conference call is 1-877-941-9205 for domestic participants and 1-480-629-9835 for international participants. An audio replay of the call will be available for seven days following the call, and can be accessed by dialing 1-800-406-7325 for do
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    SOURCE Stereotaxis, Inc.
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    All rights reserved

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